NEW YORK – Goldman Sachs, the U.S. banking industry’s perpetual winner, was the last quarter’s loser.

The storied investment bank lost $428 million in the third quarter, driven by sharp drops in underwriting and trading revenue along with souring investments in stocks, bonds and other holdings. The loss announced Tuesday, which was worse than analysts expected, marked just the second time that Goldman has posted a quarterly loss since going public in 1999.

Rivals Bank of America Corp. and Citigroup Inc., which have struggled throughout the financial crisis, each reported billions in income, reinforcing this season’s reversal of fortunes. So did JPMorgan Chase & Co. The other major Wall Street bank, Morgan Stanley, is expected to report a profit when it releases results today.

It’s too early to tell if the loss at Goldman Sachs Group Inc. is a temporary blip driven by a wild period in the markets or a sign of cracks in the bank’s long-held business strategies. Whatever the case, the results of the bellwether company suggest that big banks are still struggling to figure out how to navigate a new world of weaker economies and tighter government control.

Analysts note that Goldman is naturally more susceptible to swings in the stock market, which has suffered losses because of the debt crisis in Europe.